> Asset inflation is precisely the point. No it's not. The mandate of the FED is (among others) to maximize employment. The FED hopes to achieve this by stabil

> Asset inflation is precisely the point. No it's not. The mandate of the FED is (among others) to maximize employment. The FED hopes to achieve this by stabilizing asset prices, therefore stabilizing pensions and housing prices, which creates consumer confidence and incentivizes spending. However as we can see there are diminishing returns - consumers are not nearly spending as much as the FED balance sheet would make you believe. The real problem I see with FED interventionism is that it lets fiscal policy off the hook. If you want to actually stimulate the economy you need a strong effort by the politicians, increase government debt and let the government massively invest in infrastructure, health, education or even create a universal basic income. However because deficits are already high, lots of politicians (and a sizeable part of the voters for that matter) are not willing to do that. Central banks around the world keep calling for more fiscal measures - but in reality politicians are mostly kicking the can down the road.